Category: Real Estate Alert

Mall deal sets record-low cap rate General Growth Properties’ winning bid for a trophy mall in Las Vegas translates into the lowest capitalization rate for a large mall in more than 15 years. General Growth agreed to pay $766 million for the 407,000-square-foot Grand Canal Shoppes and associated properties at the Venetian resort–far higher than […]

High-yield plays in Chicago suburb Three largely vacant office buildings in suburban Chicago are being marketed separately to opportunistic players. The properties, which comprise about 900,000 square feet, are located in Naperville, Ill., near Interstate 88. They are expected to fetch about $45 million in total. Buyers would be banking on their ability to lease […]

For sale: SF tower facing vacancies A REIT is marketing a San Francisco office building that soon will be substantially vacant. American Financial Realty is likely to seek as much as $50 million for the 481,000-square-foot building at One South Van Ness, in the city’s Civic Center submarket. Jones Lang LaSalle has the listing. The […]

Southern California Mall RREEF snagged Manhattan Village, a shopping center in the Los Angeles suburb of Manhattan Beach, by beating out a bidding group that included American Assets. RREEF, working on behalf of an unidentified client, agreed to pay an aggressive $142 million for the 552,000-sf property, which is a combination mall, lifestyle center and […]

Beacon seeks recap of $2.1 billion portfolio Beacon Capital Partners is seeking to sell a majority stake in a $2.1 billion office-property portfolio owned by its second value-added fund. The offering is unusual because high-yield funds typically liquidate their properties one by one after enhancing their value. But the Beacon vehicle is structured as a […]

Hines markets Seattle-area offices Hines is seeking about $120 million for a Seattle-area office complex that recently lost its main tenant. The 479,000-square-foot property, at 1026 112th Avenue NE in Bellevue, was developed in 2001 at a cost of about $50 million by the Houston developer’s U.S. Office Development Fund. Onyx Software signed 200,000 sf […]

Large single-property transactions in the fourth quarter Large Single-Property Transactions in the Fourth Quarter Office Buildings Price Price SF Per SF ($Mil.) (000) Property $892 $112.0 157 609 Fifth Avenue, New York (80% stake) 630 160.0 254 660 Madison Avenue, New York 551 106.8 194 Skyport Plaza, San Jose 419 157.5 376 1625 Eye Street […]

East Bay offices Colton Cos. paid $24 million for Fremont Office Center, a 180,000-sf complex at 2201 Walnut Avenue and 39300 Civic Center Drive in the Northern California community of Fremont. The property is 73% occupied. The price brings an initial yield of about 7%. The seller, GE Commercial Finance, was represented by Cornish & […]

Bidding war seen for GM mall package The nearly $1 billion mall portfolio that General Motors Pension Trust put up for grabs last week is sure to set off a feeding frenzy among bidders. As REITs, which are long-term holders, have snatched up an increasing number of malls in recent years, there is less chance […]

Grubb & Ellis’ Los Angeles-area team, led by Kevin Shannon, may jump to another brokerage Grubb & Ellis’ Los Angeles-area team, led by Kevin Shannon, may jump to another brokerage. The team members, who joined Grubb from Colliers Seeley in 1999, have contracts that are up for renewal this summer. They’ve apparently spoken to at […]